ONUS cryptocurrency exchange run by Eric Vương used bakery-chain stores to defraud investors

At a press conference on April 3 detailing police activities and results for Q1 2026, the Economic Security Department (A04, Ministry of Public Security) provided information on the ONUS case. Lieutenant Colonel Pham Manh Hung, Deputy Head of A04, said that since 2018, Vo Vuong Le Vinh Nhan (Eric Vuong, 42, CEO of the Digital Asset Management Joint Stock Company) and Tran Quang Chien (35, ONUS technical administrator), together with accomplices, developed the VNDC digital currency and the VNDC exchange. In October 2021, VNDC was renamed ONUS.

According to A04, the suspects disseminated false information to build investor trust and used deceitful tactics to misappropriate funds.

How the scheme was promoted

A04 said VNDC was guaranteed to be backed by assets and collateral at major Vietnamese banks at a 1:1 ratio. However, investigators found that the number of VNDC tokens issued was not collateralized to back the currency.

The department also alleged that the suspects organized signing ceremonies and promotional activities claiming VNDC investments in a bakery-chain network (Snack House) with plans to expand to 30 outlets in Can Tho and 1,000 outlets nationwide. Eric Vuong allegedly advertised that users could redeem VNDC vouchers for bakery goods at these branches, but investigators concluded this was false.

In addition, A04 said the suspects partnered with TrustPay, JSC and Go24 to launch an e-commerce platform for VNDC as a consumer and shopping channel, which investigators stated does not exist to date.

Price manipulation and repeated token issuance

To promote the scheme and attract investors, Eric Vuong and associates allegedly hired technology influencers, recruited staff, and expanded the agent network. After attracting many investors, A04 said the leaders coded multiple other cryptocurrencies (including LABUBU and HNG) and manipulated buy-sell orders to control prices.

When investors incurred losses, A04 alleged that the perpetrators paused fake buy orders and stopped promotional activities so the tokens could revert to their “true value” or even lose value altogether; the process was repeated with continued issuance of new tokens.

“This is a very large ecosystem, of exceptional scale. The perpetrators have misappropriated a substantial amount of investors’ money,” said a senior A04 official.

Charges, warrants, and scope of investigation

A04 said the case also involved Ngô Thị Thảo, Tran Quang Chien, Vo Vuong Le Vinh Nhan, and others, who allegedly created and sold VNDC, ONUS, HNG, and other tokens through the ONUS exchange to attract investors. The investigation indicates the leadership directed false advertising and orchestrated price manipulation and order creation to meet their objectives.

On March 24, investigators issued arrest warrants for Nhân, Chien, Thảo and four others for “Using computer networks or electronic devices to commit property misappropriation” and for “Money laundering” in Hanoi and other provinces.

From 2018 to present, A04 said the defendants are alleged to have issued and sold VNDC, ONUS, HNG, and other digital currencies through the ONUS exchange. The investigation also stated that Nhân ordered the dissemination of false information and engaged in artificial trading to manipulate prices. The case is ongoing, with arrests and further charges.

Raids and seized evidence

A04 said the investigation previously conducted raids and seizures across several regions, including Hanoi and Ho Chi Minh City. The raids reportedly resulted in the seizure of multiple devices, electronic evidence, and assets.

Investigators alleged that several individuals operated a large-scale crypto ecosystem and misappropriated funds from many investors.